Philadelphia-based parts maker Cardone Industries has a new majority owner in Brookfield Business Partners.
Brookfield’s first quarter 2019 financial results, released May 1, mentioned the purchase of the company which was founded by Michael Cardone with his late father, Michael Cardone, Sr. in 1970. In recent years, Cardone has expanded its product offering to a wide selection of new and remanufactured components.
Christin Cardone McClave, Cardone’s chief people officer, confirmed the news on LinkedIn saying, “The family still has equity in the business, but we needed a strong investment partner to help us realize our dreams of doubling in size and expanding into new markets.”
The sale comes on the heels of the sale of its corporate headquarters in Philadelphia in January. The company also sought recapitalization with Brookfield and Citizens Financial Group in October 2018.
Cardone executive George Zauflik said selling the company’s long-time corporate headquarters and a planned move to a nearby facility are also intended to secure the company’s future position.
“We believe this transaction strengthens Cardone’s Vision 2020 plan while allowing us to continue to grow in our hometown,” he said.